• About
  • Subscribe
  • Contact
Friday, March 24, 2023
    Login
FutureCFO
  • Business Insights
    • Competencies and Capabilities
    • Digital Transformation
    • Leadership and Roles
    • Mergers and Acquisitions
    • Risk and Regulation
    • Strategies and Tactics
  • Operations
    • Audit and Compliance
    • Finance Accounting and Reporting
    • Operational Accounting and Control
    • Tax Management and Optimization
    • Treasury and Cash Management
  • Technology
    • Artificial Intelligence
    • Automation
    • Big Data
    • Blockchain
    • Business Applications
    • Cloud, Platforms and Ecosystems
    • Future Technology
  • Resources
    • Whitepapers
    • PodChats
    • Videos
  • Events
  • Awards
  • Knowledge Hub
    • Sustainable Finance
No Result
View All Result
  • Business Insights
    • Competencies and Capabilities
    • Digital Transformation
    • Leadership and Roles
    • Mergers and Acquisitions
    • Risk and Regulation
    • Strategies and Tactics
  • Operations
    • Audit and Compliance
    • Finance Accounting and Reporting
    • Operational Accounting and Control
    • Tax Management and Optimization
    • Treasury and Cash Management
  • Technology
    • Artificial Intelligence
    • Automation
    • Big Data
    • Blockchain
    • Business Applications
    • Cloud, Platforms and Ecosystems
    • Future Technology
  • Resources
    • Whitepapers
    • PodChats
    • Videos
  • Events
  • Awards
  • Knowledge Hub
    • Sustainable Finance
No Result
View All Result
FutureCFO
No Result
View All Result
Home Technology Artificial Intelligence

Tech innovations redefining the finance function in 2019 and beyond

Terry Smagh by Terry Smagh
July 1, 2019
innovation

Photo by Urupong on iStock

2019 was touted as the year for rebuilding the public trust in finance, recruiting new talent—who can adapt their skills and roles in the face of digital integration—and to focus on the ethical implications of artificial intelligence (AI) innovations.

We have seen a number of high-profile scandals centred on the audit and accountancy industries; the ramifications for which have gone far beyond the sector itself.

These activities paint a picture that investors may not care about company reports as long as they can turn a quick buck; although of course they should care. 

Meanwhile, consumers are becoming much more aware of the risks associated with inaccurate reporting and bad audit practices.

Often, they are the ones who end up ‘on the hook’ when failings within the finance and accounting sector impact savings, pension funds and other company investments they depend on. 

The accounting and auditing industries need to continue working to rebuild trust, not only with investors or shareholders, but with a broad range of stakeholders who are more exposed than ever to the potential pitfalls of inaccurate reporting. 

Organisations are increasingly looking to the finance department not just as a back-office operation, but rather as a function that provides value added services to any business.

CFOs are looking for financial insights from their data, but manual processes are still seen as the biggest bottleneck in financial close and accounting operations; when teams are buried in spreadsheets and tightly bound to manually intensive reporting processes, there is little time for value-add activities like forecasting, data analytics, and business advice.

The automation of manual processes will undoubtedly be the biggest trend for financial organisations as we move into the second half of 2019 and 2020.

Automation streamlines the most routine, manual work, and opens the door to continuous accounting – a process that we believe is transforming the way accounting and finance teams work.

This is achieved by embedding automation, control, and period-end tasks within daily activities.

This gives accountants the visibility they need to provide reporting at any time during the month, and help drive more informed decisions for the organisation.

Another noteworthy technology is robotic process automation (RPA), which automates manual tasks, manages workflow, and standardises the close process across complex organisations and IT landscapes.

RPA is in fact going to enable accountants to finally do what they’re meant to be doing: performing analysis, advising the business, and providing impactful financial data to shape their organisations’ future. 

The ubiquity of technology is changing the way businesses operate, but closing the gap between a specific sector and the contemporary technology industry can be challenging.

Digital transformation will continue to top the agenda for most Asia-Pacific organisations in 2019, although it must be said that attracting and retaining the right talent – with sector-specific expertise as well as the necessary technical and soft skills - will be critical to this process. 

When meaningful accounting activities occur every day, accountants and decision makers always have access to real-time data.

This immediate insight, instead of months-old data, enables leadership to pivot quickly to meet customer and stakeholder demands and seize new opportunities before the competition. 

Thus, it is widely accepted that automation, AI and machine learning have the potential to transform the role of the accountant, freeing up time and talent which can be better used for financial forecasting and business analysis.

However, as the industry strives to become more IT-centric, we should not overlook the down-stream implications of these innovations. 

Today, AI has become a catch-all buzzword encompassing a number of different technologies. But consider for a moment what a truly intelligent, automated system could look like in a finance setting. 

What if one day we develop algorithmic processes capable of making independent business decisions using real-time financial data?

If that algorithm makes an error, who is at fault? Is it the algorithm, the person who fed the algorithm data sets – the person who designed the software? Or should the CFO ultimately be held accountable?

Clearly these questions will still be hypotheticals for many organisations. Nonetheless, they highlight the potential risk new technology could introduce to a naturally risk-averse sector.

As we approach the end of 2019, we need to think seriously about the rules, legislation and regulation our industry will need to survive such innovation. 

About the Author
Terry Smagh is senior vice president, Asia Pacific & Japan, at BlackLine, an accounting automation software provider.

Related:  Autonomous finance: The three key mindset shifts CFOs must make
Tags: contributed articlefeaturemachine learningRPA
Terry Smagh

Terry Smagh

Terry Smagh is the senior vice president and general manager of Asia Pacific and Japan at BlackLine, Inc. He is responsible for spearheading the company’s ongoing regional growth strategy, accelerating customer acquisition and working with BlackLine’s customers to drive the adoption of financial close and automation technologies. A senior business leader with over 20 years of experience in fields such as financial software, business intelligence and data analytics, Smagh has held senior leadership roles across APAC with some of the world’s leading enterprise technology companies. Before BlackLine, Smagh was an executive leader for IBM Asia-Pacific’s cloud and analytics business where he was responsible for supporting partner development and overall enterprise sales momentum in hybrid cloud software, cloud services and analytics solutions. Prior to that, he was managing director and vice president for Asia at Qlik where he successfully developed customized enterprise sales, channel and marketing operations models across the region, and led new office openings in key APAC business centres. Smagh holds a Master of Science in Knowledge Management, as well as an executive MBA, both from the Nanyang Technological University. His interests include entrepreneurship, start-ups and restoring vintage automobiles.

No Result
View All Result

Recent Posts

  • Bank failure risks: Are APAC banks resilient ?
  • HKTDC: Hong Kong Export Index rebounds sharply
  • China's reopening will boost earnings but risks remain
  • Payment behaviours likely to deteriorate in 2023 
  • Jason Ang Interview: Agile companies

Live Poll

Categories

  • Artificial Intelligence
  • Audit and Compliance
  • Automation
  • Big Data
  • Blockchain
  • Business Applications
  • Business Insights
  • Case Studies
  • Cloud, Platforms and Ecosystems
  • Competencies and Capabilities
  • Digital Transformation
  • eBooks and eBriefs
  • Finance Accounting and Reporting
  • Future Technology
  • General
  • Infographics
  • Leadership and Roles
  • Mergers and Acquisitions
  • Operational Accounting and Control
  • Operations
  • Polls and Surveys
  • Resources
  • Risk and Regulation
  • Strategies and Tactics
  • Tax Management and Optimization
  • Technology
  • Treasury and Cash Management
  • Videos/Tutorials
  • Webcasts/Podcasts
  • White Papers

Strategic Insights for Finance Executives

FutureCFO.net is about empowering the CFO and the Finance Team to take on the leadership position in the digitalization of the enterprise. It's more than just a portal for the exchange of industry best practices, it is about creating and growing a community of finance professionals able to share learned experiences, providing a platform for the current and next generation of finance leaders and professionals.

Quick Links

  • Videos
  • Resources
  • Subscribe
  • Contact

Cxociety Media Brands

  • FutureIoT
  • FutureCFO
  • FutureCIO
  • Privacy Policy
  • Terms of Use
  • Cookie Policy

Copyright © 2022 Cxociety Pte Ltd | Designed by Pixl

No Result
View All Result
  • Business Insights
    • Competencies and Capabilities
    • Digital Transformation
    • Leadership and Roles
    • Mergers and Acquisitions
    • Risk and Regulation
    • Strategies and Tactics
  • Operations
    • Audit and Compliance
    • Finance Accounting and Reporting
    • Operational Accounting and Control
    • Tax Management and Optimization
    • Treasury and Cash Management
  • Technology
    • Artificial Intelligence
    • Automation
    • Big Data
    • Blockchain
    • Business Applications
    • Cloud, Platforms and Ecosystems
    • Future Technology
  • Resources
    • Whitepapers
    • PodChats
    • Videos
  • Events
  • Awards
  • Knowledge Hub
    • Sustainable Finance
Login

Copyright © 2022 Cxociety Pte Ltd | Designed by Pixl

Login to your account below

or

Not a member yet? Register here

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In